Modano Excel Fundamentals

Excel Fundamentals
Microsoft Excel
Excel Fundamentals
Learn-By-Doing Series
Duration: 30 Minutes
Excel Fundamentals
Excel Fundamentals
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Document version: 8.1
MODANO
Modano is the world’s only financial model content management and sharing system for
Microsoft Excel. Our platform empowers business leaders and advisors to efficiently build and
maintain completely customized financial models of any business.
Modano users around the world include accountants, investment bankers, advisors, CFOs,
CEOs, strategy teams, venture capitalists, fund managers, research analysts and engineers.
Modano can be contacted as follows:
Website: www.modano.com
Email: info@modano.com
IMPORTANT NOTICES
Many of the examples provided throughout this document have been created within Microsoft
Excel using the Modano Excel add-in – a financial model content management and sharing
platform available from Modano (www.modano.com). The Community Edition of Modano may
be freely downloaded from the Modano website at www.modano.com/products/community.
www.modano.com
Excel Fundamentals
Table of Contents
Overview........................................................................................................................................ 2
Introducing Excel ........................................................................................................................... 3
Formats & Styles ........................................................................................................................... 7
Creating Formulas ....................................................................................................................... 11
Mixing Text & Formula ................................................................................................................ 16
Calculation Modes ....................................................................................................................... 17
Auditing Tools .............................................................................................................................. 19
Grouping & Hiding ....................................................................................................................... 21
Hyperlinks .................................................................................................................................... 25
Protection .................................................................................................................................... 27
Data Validation ............................................................................................................................ 29
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Excel Fundamentals
Overview
This learning exercise provides a summary of the minimum Microsoft Excel skills required to
build a custom financial model of any business. It is the first exercise in a series designed to
empower anyone with the core financial modeling skills required to be an effective business
leader or advisor. The full series is presented in the table below:
Learning Area Exercise
Microsoft Excel 1) Excel Fundamentals

• Formats & styles
• Creating formulas
• Mixing text & formula
• Calculation modes
• Auditing tools
• Grouping & hiding
• Hyperlinks
• Protection
• Data validation
Modano 2) Using Modules
3) Customizing Modules
4) Creating Your First Module
Financial Modeling 5) Basic Annual Forecast Model
6) Historical & Forecast Model
7) Budget Variance Analysis
This learning exercise assumes no prior Microsoft Excel experience. Intermediate to advanced
Microsoft Excel users should be able to proceed directly to the associated theoretical
assessment exercise without spending time reading this documentation.
For movie tutorials, self-assessment exercises and more information regarding any of the
concepts discussed in this learning exercise see the resources on the Modano website
(www.modano.com/resources).
Page 2 of 32 www.modano.com
Excel Fundamentals
Introducing Excel
What is Excel?
Microsoft Excel is a desktop spreadsheet application, widely used by individuals and

corporations to perform tasks ranging from basic calculations to building large, complex
financial models.
A standard Excel workbook contains one or more sheets. The most common type of sheet is
called a worksheet. Each worksheet contains cells that are arranged in a grid system of rows
and columns. Cells can contain a wide range of information (numbers, text, dates, etc.) that is
either entered directly into the cell or is calculated based on the formulas within them.
It is this infrastructure that has resulted in Excel becoming the world’s most universal calculation
and analysis tool.
Excel Interface
The Excel interface revolves around the ribbon, which is the strip of controls across the top
section of the application window. The ribbon is comprised of tabs, which contain groups of
controls, and this terminology is used to identify the location of tools. For example, bold font is
applied to the selected range via the Home tab, Font group, Bold button.
The following image shows the Excel 2016 application window with the Home tab active and an
open workbook containing one empty worksheet:
Excel Interface
Excel Fundamentals
File Formats
Introducing File Formats
An Excel workbook can be saved in several different formats, each with a unique file extension,
e.g. .xlsx, .xlsm.
To save a new workbook into a particular format, or convert an existing workbook into a
different format, select the File tab in the top left corner and select the desired format from the
Save As menu. Alternatively, use the keyboard shortcut Alt+F+A to activate the Save As dialog
box, then choose the desired file format from the Save As Type drop down box.
Comparing File Formats
Each Excel file format has different levels of functionality and compatibility with different
versions of Excel. This should be considered when choosing a file format.
The following table compares the most commonly used Excel file formats:
File Format Extension Compatibility Functionality

Excel Workbook .xlsx Excel 2007 + Standard file format with macros
disabled.
Excel Macro-Enabled .xlsm Excel 2007 + Standard file format with macros
workbook enabled.
Excel Binary .xlsb Excel 2007 + Compressed file format with
Workbook macros enabled.
Excel 97-2003 .xls Excel 97 + Standard Excel 97 -2003 file format
Workbook with macros enabled.
CSV (Comma .csv Excel 97 + Stores tabular data in plain-text
delimited) form, separated by a comma.
It is important to note that saving a macro-enabled file (e.g. .xlsm, .xlsb) as a macro-disabled file
(e.g. .xlsx) will result in all macros being removed from the new file.
Excel Fundamentals
Editing Cell Content
Each cell in a worksheet may contain a constant or a formula. Constants are sometimes
referred to as ‘hard-codes’ or ‘inputs’, although the correct and least misleading terminology is
‘constants’. An example of both constant and formula cell content is provided below, with the
formula bar showing the content of each cell:
Constant Formula
Cell content can always be entered and edited in the formula bar by typing or editing the content
and pressing Enter. This is sometimes referred to as ‘inputting’ data, although the correct and
least misleading terminology is ‘entering’ data.
In the formula example in cell A3 above, the reference to cell A2 can be created by first typing
‘=’ and then either typing ‘A2’ or clicking the mouse on cell A2.
The right-hand example also shows Formula Edit Mode. Excel enters Formula Edit Mode during
the data entry process, and assists with the entry of formulas by temporarily overlaying
precedent ranges with colored boxes (as shown for cell A2 in this instance). To enter Formula
Edit Mode, select the cell to edit and either start typing or press the F2 key.
Cut, Copy & Paste
Content within ranges can be moved and copied using Excel’s cut, copy and paste commands.
Copy & Pasting
If a range is copied and pasted to another range, a duplicate of the source range is created
within the destination range. All references to cells within the source and destination ranges are
retained.
Cut & Pasting
If a range is cut and pasted to another range, the source range is moved to the destination
range and the content within the destination range is deleted. All references to cells within the
source range will move to their corresponding cells within the destination range, but any prior
references to cells within the original destination range are invalided. Model users should
therefore take great care when using the cut and paste command.
Excel Fundamentals
The following table provides a list of commonly-used cut, copy and paste command keyboard
shortcuts:
Keyboard Shortcut Command

Ctrl+C Copies the selected range/object.
Ctrl+X Cuts the selected range/object.
Ctrl+V Pastes any cut or copied content.
Ctrl+Z Uses the Undo command to reverse the
last command.
Ctrl+Y Repeats the last command or action.
Ctrl+R Copies the contents of the left-most cell of
the selected range into the cells to the
right.
Ctrl+D Copies the contents of the top-most cell of
the selected range into the cells below.
Cut Copy Mode
When a range is cut or copied the selection will have a flashing border to indicate that the
selected range has been cut or copied. This state is called ‘Cut Copy Mode’, and is shown
below in Excel 2016:
Cut Copy Mode
Cut Copy Mode can be cancelled by pressing the Escape key.
Excel Fundamentals
Formats & Styles

Formats vs. Styles
What are Formats and Styles?
For the purposes of this introduction, formats and styles can be defined as follows:
• Format: A format is a single property or attribute of a cell that affects its appearance or
behaviour. This may include; number format, font (name, size, color), alignment (vertical
and horizontal), borders, patterns, and protection.
• Style: A style is a preset combination of formats, used to save time and ensure
consistency in the application of formats.
By way of example, a format might be the font color of a cell, while a style might be the preset
combination of font color, font name, font size and horizontal alignment applied to a cell.
Essentially, using styles is a straight-forward and convenient method of applying multiple
formats at once.
The following are examples of formats that may be applied to the font of a cell:
a. Name
b. Style (Regular, Bold & Italic)
c. Size
d. Underline
e. Color
f. Strikethrough
g. Superscript
h. Subscript
These formats may be changed by way of the Format Cells dialog box (Ctrl+1) or selecting the
required command within the Home tab.
Below is a list of common keyboard shortcuts used to apply font formatting:

Ctrl+B Applies or removes bold formatting.
Ctrl+I Applies or removes italic formatting.
Ctrl+U Applies or removes underlining.
Ctrl+5 Applies or removes strikethrough.
These keyboard shortcuts are consistent across all applications in the Microsoft Office Suite.
Excel Fundamentals
Why use Formats and Styles?
As with the production of Word documents, styles and formats are essential to the creation of
spreadsheet models with a visually consistent and appealing appearance. However, the value
of styles and formats within a spreadsheet model is greatly enhanced when they are applied in
a purpose-based manner, such that they become imperative to implementing spreadsheet best
practices.
Additionally, the consistent use of formats and styles across an organization can promote
standardization and a corporate identity akin to that commonly achieved in Microsoft Word and
PowerPoint presentations.
Changing Cell Formats
Formats and styles can be applied via the Font, Alignment and Number groups within the Home
tab. Alternatively the formats applied to the selected range can be viewed and edited using the
Format Cells dialog box, which can be loaded using the keyboard shortcut Ctrl+1, as shown
below:
Format Cells Dialog Box
The format cells dialog box groups formats into six format groups; Number, Alignment, Font,
Border, Fill, Protection. These format groups can be included or excluded when creating and
editing styles, which is discussed further below.
Excel Fundamentals
Creating & Applying Styles
When creating and editing styles, the formats that comprise each style are grouped into six
areas, which may each be included or excluded from the style:
a. Number;
b. Alignment;
c. Font;
d. Border;
e. Fill; and
f. Protection.
The process of applying styles is very similar to that used to apply formats. To apply a style to
the selected range, select a style from the available styles (Home tab, Styles group) or using the
keyboard shortcut Alt+H+J as shown below:
Styles Gallery
Note that the default style applied to all cells in an Excel worksheet (unless otherwise specified)
is the ‘Normal’ style. Excel provides a range of theme-based styles, which can be modified.
Alternatively, custom styles can be created using the ‘New Cell Style’ command in the styles
gallery. For more information regarding the creation and modification of styles see the Microsoft
Excel help documentation.
Excel Fundamentals
Copying Formats & Styles
A powerful tool when consistently applying formats and styles is the Paste Special command.
This tool is accessible (when in Cut Copy Mode) via the Paste Special command (Home tab,
Clipboard group) or using the keyboard shortcut Alt+H+V+S. The Paste Special dialog box
appears with a number of options. The table below explains the most commonly used options:
Paste Type Description

Formulas Pastes only formulas.
Values Pastes only values.
Formats Pastes only formats.
When a cell or range has been copied (Excel is in Cut Copy Mode) then the user is able to open
the Paste Special dialog box and select the operation they would like to perform when pasting.
Paste Special Dialog Box
Excel Fundamentals
Creating Formulas
Basic Formula Creation Principles
This section introduces a number of basic concepts fundamental to creating formulas in Excel.
Cell and Range Addresses
By default, Excel uses the ‘A1’ reference style. In Excel 2007-13, this means that worksheet
columns are lettered A – XFD (i.e. 16,384 columns) while rows are numbered 1 – 1,048,576.
The following table demonstrates the cell addresses for various range types:
Range Examples
B2 – the cell in column B and row 2 B2:B5 – the range from cell B2 to cell B5
B2:E2 – the range from cell B2 to cell E2 5:5 – all cells in row 5
6:7 – all cells in rows 6 to 7 C:C – all cells in column C
D:E – all cells in columns D to E B2:E6 – the range from cell B2 to cell E6
Excel Fundamentals
Relative and Absolute References
Relative and absolute references determine how the formula references to other cells change
when the cell containing the formula is copied across rows and/or down columns. Formula
references to other cells can be relative, absolute or a combination of both and are represented
by the insertion of the ‘$’ signs before the row and/or column component of each referenced
cell’s address.
The following table summarizes the implications of using relative and/or absolute references
when referring to other cells in formulas:
Movement When Copied

Reference Column Row
Type Reference Reference Example Column Row
Relative Relative Relative =A1  
Combination Relative Absolute =A$1  
Combination Absolute Relative =$A1  
Absolute Absolute Absolute =$A$1  
By default, new formulas use relative references. Use the F4 key (in Formula Edit Mode) to
apply or remove absolution when writing formulas instead of manually entering the ‘$’ signs.
This will cycle through the options listed in the above table in the order shown in the table.
External Worksheet Formula References
When formulas are used to reference cells within other worksheets within a workbook, the name
of the worksheet and an exclamation mark must precede the range reference. This syntax
should never be added manually (i.e. by typing in the sheet name and exclamation mark),
because it will be inserted automatically when external worksheets cells are selected during the
formula creation process.
The following are examples of external worksheet formula references:
=Opex!A1
=‘Balance Sheet’!A1
In the second example, single quotation marks are required because the referenced worksheet
name contains spaces - i.e. between the words ‘Balance’ and ‘Sheet’.
External Workbook Formula References
Formula references to cells in other workbooks are called ‘external workbook links’. To create
links to other workbooks, the name of the workbook (within square brackets) must precede the
referenced worksheet name and range address:
=‘[Output Forecasts.xlsx]Balance Sheet’!$A$1
In this example, the external workbook ‘Output Forecasts.xlsx’ is open. If the external workbook
were closed, the link would contain its full file directory (e.g. ‘C:\My Documents\...’) in addition to
its file name.
It is important to note that formulas that reference cells in other workbooks use absolute
references by default. These can be changed by the same F4 keystroke as noted in the section
above.
Excel Fundamentals
As with external worksheet formula references, this syntax should never be added manually
because it will be inserted automatically when the external worksheet cells are selected during
the formula creation process.
Formula Operators
The simplest formulas to create other than direct cell references involve the use of formula
operators, constructed in a manner almost identical to the writing of arithmetic and algebraic
equations.
The following table contains a list of the key formula operators that can be used in formula
construction:
Operator Description Task

+ Plus sign Addition
- Minus sign Subtraction or Negation
* Asterisk Multiplication
/ Forward slash Division
% Percent sign Percent
^ Caret Raise to a power
= Equal sign Equal to
> Greater than sign Greater than
< Less than sign Less than
>= Greater than or equal to Greater than or equal to
<= Less than or equal to Less than or equal to
<> Not equal to Not equal to
& Ampersand Join text
The construction of formulas using operators is similar to algebraic equations, as the following
example shows, first in normal mode and then in Formula Edit Mode:
Formula Operators Example
Excel Fundamentals
More Advanced Formula Creation Principles
This section introduces and explains the use of functions within formulas and provides tips for
more efficient formula creation.
Functions within Formulas
Functions are pre-written formulas within Excel that perform specific operations and usually
return either values, a series of values or ranges. To obtain a list of available functions within
Excel select any cell and press Shift+F3.
The syntax below illustrates the general structure of a function:
Generally, functions contain 4 parts:
1. Function name;
2. Opening parenthesis;
3. A series of arguments separated by commas; and
4. Closing parenthesis.
A Simple Function
The IF function represents a simple yet very powerful function within Excel. The IF function
returns one value if a specified condition evaluates to TRUE, and another value if the condition
evaluates to FALSE. The syntax for the IF function, an explanation of its arguments, and an
example is shown below.
=IF(logical_test, value_if_true, value_if_false)
Formula Evaluation Formula Edit Mode
Excel Fundamentals
Nested Functions
Excel provides the ability to nest functions within functions – i.e. a function may be entered into
an argument within another function. For example, the following IF function contains a nested
NPV function and tests the result of this nested function against a zero value:
=IF(NPV(0.05, B2:G2)>0, “Accept”, “Reject”)
Nested Function Example
The ‘Staggered Development’ Principle
To reduce the complexity involved in creating formulas that contain nested functions, the
‘staggered development’ principle should be applied. This involves entering each nested
function as a standalone formula in its own cell and then combining them by copying and
pasting nested functions into the arguments of their parent functions.
For example, the steps required to create the formula in the previous nested function example
would be:
1. Enter the NPV function into one cell;
2. Enter the IF function (with the logical_test argument left blank) into another cell; then
3. Paste the NPV function from the first cell into the logical_test argument of the IF function
in the second cell.
Excel Fundamentals
Mixing Text & Formula

Creating ‘Live Sentences’
Live sentences are dynamic in that they change based on the result of the evaluation of a
formula. Live sentences are a powerful way of communicating changing information in reports
and presentations in Excel.
Using Text in Formulas
To use text within a formula, the ‘&’ operator is used and the text component is enclosed in
quotation marks. The example below joins a text string with the value in cell A1:
=“Today is ”&A1
Depending on the value in cell A1, the formula result will change accordingly. If cell A1 contains
the text string ‘Monday’ then the sentence would read ‘Today is Monday’.
The worksheet shown below contains values and text within a range of cells:
Values and Text
The following table shows how formulas which combine the cell data and text can create useful
output:
Formula Result
=A1&" and "&A3 Richard and Stacey
=A1&" has "&A2&" apples while "&A3&" only has Richard has 10 apples while Stacey only has 5
"&A4
Cell Edit Mode Normal Mode
Use of Quotation Marks
The use of quotation marks in a formula indicates to Excel that the contents within those
quotation marks are text as opposed to values and must be used when combining text and
formulas.
Excel Fundamentals
Calculation Modes
Introducing Calculation Modes
What are Calculation Modes?
Excel’s calculation modes determine how the workbook recalculates the formulas within it.
Depending on the size and complexity of a workbook, using different calculation modes can
greatly vary the performance and practicality of that workbook.
The following table summarises the types of calculation modes:
Calculation Mode Description

Automatic Workbook will recalculate upon first open and
every time a cell or object is changed.
Automatic except for data Same as automatic mode except data tables
tables only recalculate upon manual command.
Manual Worksheet or workbook only recalculates upon
manual command.
Manual (recalculate Workbook will only recalculate automatically
workbook before saving) upon saving.
Changing Calculation Modes
How to Change Calculation Mode
To change the calculation mode of a workbook:
1. Select the File tab in the top left corner and select Excel Options (Alt+F+T);
2. In the Excel Options dialog box, select the Formulas tab; and
3. Under the Calculation options section, choose the desired calculation mode.
Where practical, it is recommended that the calculation mode of a workbook be set to

automatic. This minimizes the risk of confusion resulting from formulas developing results on
screen that are no longer correct because the workbook has not calculated.
In some cases, such as very large workbooks or workbooks that necessarily contain circular
references, automatic calculation may not be practical. In such cases, the use of the manual
calculation mode should be clearly communicated to workbook users to prevent confusion.
Excel Fundamentals
How to Manually Recalculate a Workbook
If a workbook is set to manual calculation, any changes to the workbook will not automatically
be reflected in dependent cells and calculations. This will be evident when the word “Calculate”
is visible at the bottom-left of the Excel window:
Workbook Recalculate Required
The following table outlines the keyboard shortcuts used to force a re-calculation of a workbook
that is set to manual calculation mode:
Keyboard Shortcut Action

F9 Calculates all cells in all worksheets in all open
workbooks that are dependents of volatile or
changed data.
(Shift+F9) Calculates all cells in the active worksheet.
(Ctrl+Alt+F9) Calculates all cells in all worksheets in all open
workbooks.
Excel Fundamentals
Auditing Tools
Introducing Auditing Tools
What are Auditing Tools?
Excel has built-in auditing tools that allow users to trace precedent and dependent cells,
evaluate formulas and perform basic error checking.
Why use Auditing Tools?
Auditing tools can help to minimize the risk of error when constructing a model and allow users
and reviewers to efficiently understand the logic of formulas within the model.
Tracing Precedents & Dependents
What are Precedents and Dependants?
A precedent cell is a cell that is referenced by another cell in a formula, while a dependent cell
is one that references another cell via its formula. Consider a simple formula in cell A1: ‘=
A2+A3’. In this example, cells A2 and A3 are precedent cells of cell A1, and cell A1 is a
dependent cell of both cells A2 and A3.
How to trace precedents and dependents
To trace the precedents or dependents of a cell:
1. Select the cell;
2. Select either Trace Precedents (Formulas tab, Formula Auditing group Alt+M+P) or Trace
Dependents (Formulas tab, Formula Auditing group, Alt+M+D); and
3. Arrows will appear showing the links to all precedents or dependents.
Example
To remove the arrows, select the Remove Arrows command (Formulas tab, Formula Auditing
group, Alt+M+A).
Excel Fundamentals
Error Checking
What is an Error?
An error occurs when a formula does not return a valid result - e.g. dividing a number by zero.
When a formula returns an error, the cell containing that formula will return an error value.
The following is a list of error values in Excel:
Error Value Description

#NULL! Two or more cell references are not separated
correctly in a formula, e.g. using a plus sign (+).
#DIV/0! The denominator in a division formula is the value 0
or is blank.
#VALUE! A formula containing a mathematical operation is
referencing a cell containing text.
#REF! An invalid cell reference exists - e.g. a link to a cell
that has been deleted.
#NAME? A reference has been made to an invalid or non-
existent Excel name.
#NUM! A function contains an invalid argument.
#N/A A function returns no logical result.
An error that occurs in a cell may be transferred to its dependent cells via formulas.
Checking for Errors
To check for errors on a worksheet, select the Error Checking command (Formulas tab,
Formula Auditing group, Error Checking menu) or use the keyboard shortcut Alt+M+K+K.
If an error appears, choose from the options below to fix or ignore the error.
Error Checking
This tool will capture all errors on a worksheet, not just source errors (i.e. cells in which the
errors originated).
Excel Fundamentals
Grouping & Hiding

Grouping vs. Hiding
What is Grouping & Hiding?
Excel provides several tools that allow model developers and users to control the level of visible
detail within a worksheet:
• Grouping (Outlining): Excel allows the user to group data within a worksheet in either
rows or columns to varying levels of detail. Once grouped, data can be collapsed from
view or expanded by clicking a button, as shown below:
Grouping Example – Collapsed View
• Hiding: There are a range of worksheet elements within Excel that can be hidden from
the model user’s view, including columns, rows, cell values, and even worksheets
themselves.
Why use Grouping & Hiding?
Grouping and hiding provides additional control over the information displayed to be within a
worksheet. Grouping and hiding data does not interfere with the data or calculation flow of the
worksheet, rather, they can be considered to act as a visual filter to help summarize data to an
appropriate level.
Excel Fundamentals
Hiding Rows or Columns
To hide or unhide a row or column:
1. Select the rows/columns to be hidden, or select the rows/columns to either side of the
hidden row/column to unhide; then
2. Select the desired option under the Hide & Unhide command (Home tab, Cells group,
Format menu).
When rows or columns are grouped or hidden, the borders applied to the cells within those rows
or columns will also disappear when these cells are compacted from view. Hence, when
applying borders to cells which are expected to be grouped or hidden, this outcome must be
borne in mind.
To hide or unhide a worksheet:
1. Select the worksheet to be hidden or, if unhiding a worksheet, select any sheet; then
2. Select the desired option under the Hide & Unhide command (Home tab, Cells group,
Format menu).
Unhide Worksheets
Note: At least one worksheet must be visible at all times – i.e. it’s not possible to hide all the
sheets in a workbook.
Excel Fundamentals
Grouping Rows or Columns
To group rows or columns:
1. Select the rows/columns to be grouped; then
2. Select the Group command (Data tab, Outline group, Group menu).
Excel will create an outline around the grouped rows or columns so that they are readily
identifiable. To collapse or expand detail, simply click the outline symbols positioned next to
each group.
Grouping Example – Expanded View
Grouping Example – Intermediate View
Grouping Example – Compact View
To ungroup the same rows/columns:
1. Select the rows/columns that are to be ungrouped; then
2. Select the Ungroup command (Data tab, Outline group, Ungroup menu).
Excel Fundamentals
Benefits of Grouping over Hiding
Hidden rows and columns are difficult to detect unless row and column headers are closely
analyzed. On the other hand, grouping levels are always shown to the left or above the row and
column headers respectively. Furthermore, grouped rows and columns can easily be collapsed
and expanded.
Note that when worksheets are protected, other users cannot expand or collapse grouped or
hidden rows and columns unless that worksheet is unprotected first. This provides an easy way
of hiding data from other users but may also create undesired problems if not taken into account
before applying protection to a worksheet.
Grouping & Hiding Keyboard Shortcuts

Alt+Shift-Right arrow Group or increase outline level.
Alt+Shift-Left arrow Group or decrease outline level.
Ctrl+8 Displays or hides outline symbols.
Ctrl+9 Hides selected rows.
Ctrl+0 Hides selected columns.
Ctrl+Shift-9 Unhides any hidden rows within the selection.
Ctrl+Shift-0 Unhides any hidden columns within the selection.
Excel Fundamentals
Hyperlinks
Introduction to Hyperlinks
What are Hyperlinks?
Users are likely to be familiar with the use of hyperlinks as a means of navigating the internet. A
hyperlink is a link from a document that opens another page or file when clicked, and essentially
provides a shortcut for the quick movement between two locations. The hyperlink destination
can vary - it may be a web page, picture, e-mail address, or a program. Within the context of an
Excel spreadsheet, hyperlinks are most commonly used to link to:
• Areas on the same worksheet;
• Worksheets within the same workbook;
• Different workbooks; or
• A website.
Why use Hyperlinks?
Hyperlinks can be advantageous if included in spreadsheet models as they provide a very fast
and flexible means of navigation. Hyperlinks in general are intuitive and logical to use for both
model developers and model users. More importantly, hyperlinks can turn a simple spreadsheet
model into a professional and sophisticated product more akin to a web page in presentation
than a standard Excel model.
Inserting Hyperlinks
Although hyperlinks are generally associated with text, Excel also allows hyperlinks to be
created from graphic objects such as shapes or pictures. For the purposes of this discussion we
will consider only text hyperlinks, however, the process for creating hyperlinks from objects is
very similar.
The main method of creating a text hyperlink within Excel is by accessing the Hyperlink
command (Insert tab, Links group) which will activate the Excel Insert Hyperlink dialog box
(Alt+N+I+2). This dialog box provides a range of options concerning the type of hyperlink to
insert, and requires the user to specify the file or destination to which the inserted hyperlink will
take them, as shown below:
Insert Hyperlink Dialog Box
Excel Fundamentals
Hyperlink Properties
When inserted, a hyperlink has three main properties:
• Displayed text;
• Cell reference; and
• Screen tip.
The displayed text of the hyperlink is the text which represents the hyperlink itself. The cell
reference of a hyperlink is the destination cell of the hyperlink, i.e. where the selection will move
to when the hyperlink is clicked on, and the screen tip is the text which appears when the
pointer hovers over the hyperlink.
These three properties are shown in the following hyperlink example:
Hyperlink Example
Excel Fundamentals
Protection
Different Levels of Protection
Excel provides two primary levels of workbook protection:
1. Worksheet protection: Protects content within worksheets. The user can prevent others
from inserting, deleting, and formatting rows and columns, from changing the contents of
locked cells, and from selecting certain cells.
2. Workbook-level protection: Prevents unauthorized access to workbooks and/or the

editing of the structure of workbooks. Workbook open and modification protection can
also be applied but these concepts are not discussed in this section.
Benefits of Security & Protection
The benefits of security and protection are self-explanatory. The model developer can ensure
the ongoing integrity of the structure and content of a spreadsheet by limiting inadvertent or
deliberate modification – a potentially crucial function if a model is to be disseminated widely for
use and/or the model output is central to decision-making processes. Further, they can also limit
unauthorized access to potentially sensitive information and/or the calculation formulas that
derive it.
In summary, the two primary benefits of protecting workbooks and sheets are:
• Controlling data entry into worksheets; and
• Controlling model changes.
Workbook Protection
To protect a workbook, use the Protect Workbook command (Review tab, Changes Group) or
the keyboard shortcut Alt+R+P+W. The Protect Structure and Windows dialog box will appear
as shown below:
Protect Workbook Dialog Box
Checking Structure in the above protects the workbook such that worksheets cannot be deleted,
inserted, renamed or moved. Checking the Windows checkbox protects the workbook such that
workbook windows cannot be moved, resized, hidden, unhidden or closed. Note that the use of
a password is optional.
Excel Fundamentals
Sheet Protection
To protect a sheet, use the Protect Sheet command (Review tab, Changes group) or the
shortcut key sequence (Alt+R+P+S). The Protect Sheet dialog box is shown below:
Protect Sheet Dialog Box
There are a number of options when protecting worksheets, although these vary depending on
the version of Microsoft Excel being used. Users may be restricted in what actions they are able
to perform on a protected worksheet.
Excel Fundamentals
Data Validation
Introduction to Data Validation
What is Data Validation?
Data validation is used to prevent invalid data from being entered into a cell, which helps to
protect the integrity of a spreadsheet model by avoiding the inclusion of incorrect, unreasonable
or illogical data.
Data Validation Dialog Box
To activate the Data Validation dialog box, select the Data Validation command (Data tab, Data
Tools group, Data Validation menu) or use the keyboard shortcut Alt+A+V+V.
Data Validation Dialog Box
By default, cells will have no data validation applied and under the Allow drop down box, the
‘Any value’ option will be selected.
Applying Data Validation
Types of Data Validation
Using data validation, data entry can be limited to allow one of:
• Whole number;
• Decimal;
• List;
• Date;
• Time;
• Text length; or
• Custom.
Excel Fundamentals
For example, to restrict the value in a cell to a whole number between ‘0’ and ‘100’, the Data
Validation dialog box would be populated as follows:
Data Validation Example
List Data Validation
Cell values can be restricted to a pre-defined list, for example a list of week days. In the Data
Validation dialog box, allow ‘List’ and in the Source ref edit, enter the address of the list range,
as shown below:
Data Validation List Example
Excel Fundamentals
If the ‘In-cell dropdown’ check-box is checked, when a cell within the list validation range is
selected an in-cell dropdown box will appear with the list of possible entries, as shown below:
In-Cell Dropdown Example
Input Message
An input message may be created and shown when a cell with data validation is selected. To
create an input message, select the Input Message tab and type in a custom message as
shown below:
Input Message Dialog Box
Input Message Example
Excel Fundamentals
Error Alert
A customized error alert can be created and be set to display if the user enters invalid data into
a data validated cell. Select the Error Alert tab and type in an error message as shown below:
Input Message Dialog Box
When the user attempts to enter incorrect data then the alert will appear:
Data Validation Error Message
Excel Fundamentals
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Excel Fundamentals

Copyright © Modano Pty Ltd and associated entities.

Document version: 8.1

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Introducing Excel ........................................................................................................................... 3

Formats & Styles ........................................................................................................................... 7

Creating Formulas ....................................................................................................................... 11

Mixing Text & Formula ................................................................................................................ 16

Calculation Modes ....................................................................................................................... 17

Auditing Tools .............................................................................................................................. 19

Grouping & Hiding ....................................................................................................................... 21

Data Validation ............................................................................................................................ 29

Learning Area Exercise

Microsoft Excel 1) Excel Fundamentals

Modano 2) Using Modules

4) Creating Your First Module

Financial Modeling 5) Basic Annual Forecast Model

6) Historical & Forecast Model

7) Budget Variance Analysis

Microsoft Excel is a desktop spreadsheet application, widely used by individuals and

Introducing File Formats

Comparing File Formats

File Format Extension Compatibility Functionality

Editing Cell Content

Cut, Copy & Paste

Copy & Pasting

Cut & Pasting

Keyboard Shortcut Command

Cut Copy Mode

Cut Copy Mode

Cut Copy Mode can be cancelled by pressing the Escape key.

Formats & Styles

What are Formats and Styles?

b. Style (Regular, Bold & Italic)

Below is a list of common keyboard shortcuts used to apply font formatting:

Keyboard Shortcut Command

Why use Formats and Styles?

Changing Cell Formats

Format Cells Dialog Box

Creating & Applying Styles

Copying Formats & Styles

Paste Type Description

Paste Special Dialog Box

Cell and Range Addresses

6:7 – all cells in rows 6 to 7 C:C – all cells in column C

Relative and Absolute References

Movement When Copied

External Worksheet Formula References

The following are examples of external worksheet formula references:

External Workbook Formula References

=‘[Output Forecasts.xlsx]Balance Sheet’!$A$1

Operator Description Task

Formula Operators Example

More Advanced Formula Creation Principles

Functions within Formulas

The syntax below illustrates the general structure of a function:

Generally, functions contain 4 parts:

3. A series of arguments separated by commas; and

=IF(logical_test, value_if_true, value_if_false)

Formula Evaluation Formula Edit Mode

=IF(NPV(0.05, B2:G2)>0, “Accept”, “Reject”)

Nested Function Example

The ‘Staggered Development’ Principle